The much needed databank on the real estate sector in Nigeria was launched yesterday in Abuja at the ThirdReal Estate Developers Association of Nigeria (REDAN) Building Expo.
Worried by problems of the real estate sector in Nigeria, REDAN along with housing stakeholders embarked upon real estate data collation exercise in 2015.
The initiative tagged National Real Estate Data Collation Management Programme (NRE-DCMP) was designed to provide information on land title documents, building costs and housing market conditions.
It also captured off-takers demographics and income.
The Minister of Power, Works and Housing, Mr. Babatunde Fashola represented by Head of Public Private Partnership (PPP) in the ministry, Mrs. Eucharia Alozie officially unveiled the databank which was presented in an 80-page document.
Fashola said this will serve as a catalyst for rapid development in the building industry and the nation’s economy at large.
Fashola commended the Central Bank of Nigeria (CBN) for its concern, saying, “It is the lack of relevant data to support policy decision that prompted the CBN and REDAN to initiate this data and management collation programme.
“And the efforts of key stakeholders are also well noted and appreciated.
“The National Bureau of Statistics, the National Population Commission, the Federal Mortgage Bank of Nigeria, the Mortgage Bankers of Association of Nigeria, the Nigeria Mortgage Refinancing Company, Family Homes Fund and a host of others.”
According to the minister, the Federal Ministry of Power, Works and Housing will continue to partner with the relevant stakeholders in the development of the real estate sector and continually improve the business environment and encourage public private partnership for housing development, engage in social housing scheme for low and medium income earners, encourage access to mortgage facilities and purse rent to own initiatives.
Welcoming guests at the event, REDAN President Ugochukwu Chime said the data will be hosted on the Nigerian Mortgage Refinance Company (NMRC) portal which will provide information for planning, investment analysis and direct energy towards policy decision.
“The portal will poise all relevant information necessary for planning management and development of the real estate sector in the country and it will be dated on a regular basis,” the REDAN president stated.
He pronounced the theme of the expo as Real Estate Development — the Bedrock for National Economic Stability.
“This theme is to further consolidate on previous themes and let all know that housing is no more just about shelter provision but a tool for employment generation and economic growth in every unit of the nation,” Chime explained.
The keynote speaker Mr Hakeem Ogunniran who is CEO and Founder of Eximia Reality Company Ltd spoke on Harnessing Real Estate for Economic Development.
He elaborated on the challenges developers face and the solutions stressing that the real estate is the most important sector that impacts the economy because land is a vital tool in the economy.
Mr Femi Adewole, Managing Director of Family Homes Fund Ltd spoke on Affordable Housing for Nigeria on Low Income Concentrating on Social Intervention.
He said from data gathered, 70 percent of Nigerians earn less than N100,000 a month and with that, it is impossible for such to acquire a decent accommodation.